EX.12.1 FIRST INDUSTRIAL REALTY TRUST, INC. COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS(A) (DOLLARS IN THOUSANDS) FOR THE NINE MONTHS ENDED SEPTEMBER 30, FOR THE YEAR ENDED DECEMBER 31, -------------------- ----------------------------------------------------- 1997 1996 1996 1995 1994 1993 1992 --------- --------- --------- --------- --------- --------- --------- Income (loss) (excluding interest income on U.S. government securities collateralizing the 1994 Defeased Mortgage Loan) before disposition of interest rate protection agreement, gain on sales of real estate, extraordinary items and minority interest.............. $ 36,940 $ 24,963 $ 36,524 $ 19,756 $ 8,855 $ (3,399) $ (4,048) Plus interest expense and amortization of deferred financing costs and interest rate protection agreements......................... 28,363 24,012 32,240 33,029 26,461 19,184 19,994 --------- --------- --------- --------- --------- --------- --------- Earnings (excluding interest income on U.S. government securities collateralizing the 1994 Defeased Mortgage Loan) before disposition of interest rate protection agreements, gain on sales of real estate, extraordinary items, minority interest and fixed charges............................ $ 65,303 $ 48,975 $ 68,764 $ 52,785 $ 35,316 $ 15,785 $ 15,946 --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- Fixed charges and preferred stock dividends (b)...................... $ 36,568 $ 27,202 $ 36,660 $ 33,821 $ 26,511 $ 19,197 $ 20,277 --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- Ratio of earnings to combined fixed charges and preferred stock dividends (c)...................... 1.79x 1.80x 1.88x 1.56x 1.33x --(c) --(c) --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- - ------------------------ (a) The Company completed its initial public offering on June 30, 1994. Information prior to the initial public offering includes the operations and accounts of the Company's predecessor and information subsequent to the initial public offering includes the historical operations and accounts of the Company. (b) There was no preferred stock outstanding prior to November 1995. (c) Earnings represent earnings (excluding interest income on U.S. government securities collateralizing the 1994 Defeased Mortgage Loan) before disposition of interest rate protection agreements, gain on sales of real estate, extraordinary items, minority interest and fixed charges. Fixed charges consist of interest expenses (excluding interest on the 1994 Defeased Mortgage Loan accruing after the date of defeasance), capitalized interest, and amortization of interest rate protection agreements and FIRST INDUSTRIAL REALTY TRUST, INC. COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS(A) (DOLLARS IN THOUSANDS) deferred financing costs. For the fiscal years ended December 31, 1993 and 1992, earnings were not sufficient to cover fixed charges. Additional earnings of $3.4 million and $4.3 million, respectively would have been required to achieve a ratio of 1.0 for such periods.